Of course, there's no reason that you can't work something out between you - say you get the mortgage and take the tax breaks, and you give your girlfriend (who's paying half the expenses) half the homeowner-related tax savings.

If one of you does not have enough deductions to itemize without the mortgage interest and property taxes, this is an excellent idea. By splitting the deductions 50/50, you are losing the benefit of the standard deduction on both returns. With one standard deduction and one itemizing, your combined deductions will be larger, and your combined taxes lower.

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.

When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.

Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.